Connect with us

Business and Economy

Shettima Envisions Robust GDP Surge for Africa through AfCFTA

Published

on

Spread the love

By Iyojo Ameh

Vice-President Kashim Shettima of Nigeria delivered a positive outlook on Africa’s economic future, foreseeing substantial Gross Domestic Product (GDP) growth across the continent through the African Continental Free Trade Area (AfCFTA).

Speaking at a breakfast meeting with African Heads of State at the World Economic Forum (WEF) in Davos, Shettima highlighted the potential for AfCFTA to contribute a staggering $450 billion increase in Africa’s GDP by 2035, accompanied by an 81% surge in exports.

Citing World Bank projections, Shettima emphasized the current intra-Africa trade standing at 15% and stressed the need to overcome obstacles for the success of the AfCFTA agreement. “African trade is set to surge by 52.3% by 2025. The imperative is to expedite agreements, optimize information sharing with the private sector, and prioritize a smooth trade environment,” remarked Shettima.

Addressing challenges such as slow negotiations and clashes between national and continental priorities, Shettima urged African nations to prioritize unity. Drawing parallels with successful trade unions in other regions, he emphasized empowering African countries to independently resolve their issues.

In a separate forum targeting investors, Shettima assured foreign investors of Nigeria’s attractiveness under President Bola Tinubu’s administration. He highlighted Nigeria’s diversified economic approach, moving away from crude oil dominance into technology, arts, culture, creativity, and industrialization.

See also  Demolition in Nasarawa community : Assembly fumes, directs State Govt, to investigate as two died

Shettima showcased Nigeria’s commitment to global best practices, citing Dr. Ngozi Okonjo-Iweala’s leadership at the World Trade Organization. The removal of foreign exchange bans on 43 trade items and liberalization of the downstream petroleum sector were emphasized as bold moves signaling full trade liberalization.

The Vice-President outlined key priorities, including repositioning the energy sector, major infrastructure investments, and engagement in global value chains. He expressed confidence in achieving a $1 trillion economy within eight years, underscoring a new era of accountability and productivity under President Tinubu’s guidance.

Shettima concluded by spotlighting emerging sectors like the Blue Economy, Digital Economy, Steel sector, Gas Subsector, and Alternative Energy.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business and Economy

Nigerian Minister laments low investment in Infrastructure

Published

on

Spread the love

By Iyojo Ameh

Minister of Budget and National Planning, Senator Atiku Bagudu on Friday said the country has not invested enough in infrastructural development.

According to him, several problems been encountered recently by Nigerian are as direct results of under- investment in several multi- dimension infrastructure.

The minister spoke at the National Assembly during an interactive session with the Senate committee on Appropriation under the chairmanship of Senator Olamilekan Adeola.

The minister was invited to provide insight into the N6.2 trillion supplementary appropriation approval for the 2024 budget by the National Assembly as requested by President Bola Tinubu.

Bagudu commended President Tinubu for the political will yo confront the infrastructure deficit by seeking the N3.2 trillion to fund the projects which include the Lagos – Calabar coastal highway, the Sokoto – Badagry highway and the Trans- Sahara highway.

He commended the President for his confidence that the projects when completed will increase economic activities and shore up the nation’s revenue base.

He added that the projects will encourage massive transformation apart from strengthening economic realities.

The minister while trying to douse the agitation of members of the committee on the fate of other deplorable roads and uncompleted roads projects in their various constituents said the federal government has not abandoned any of the ongoing projects.

See also  Electrocution Claims the Lives of Family of Four in Taraba

Bagudu categorically stated that the government is not giving priority attention to the innovative projects at the expense of other road projects.

He assured that the Federal Executive Council will continue to consider and give financial approval to other roads as funds are available.

The minister though did not give a detailed statement of the supplementary approval, gave a sectoral overview of both the N3.2 trillion of the Renewed Hope Infrastructure Projects and the N3 trillion increase in the recurrent component of the budget.

Chairman of the Senate Appropriation Committee, Senator Adeola the government has full capacity to finance the 2024 budget.

He , however implore the minister to make available to the committee a full detail and breakdown of the N6.2 trillion approval as soon as possible.

Continue Reading

Business and Economy

Economy : CBN announces indices on growth and stability …As Senate interfaces with the CBN Gov

Published

on

Spread the love

By Iyojo Ameh

The Central Bank of Nigeria on Friday in Abuja , rolled out indices , signaling improved growth and stability of the Nation’s economy.

This is as the apex bank through its Governor , Olayemi Cardoso , assured Nigerians of better days ahead .

Rolling out the growth and economic stability indices during statutory engagement with the Senate Committee on Banking , Insurance and other Financial Institutions , the CBN Governor said : ” The
spread between official and BDC rates has narrowed significantly from N162.62 in January to N47.22 in June 2024, indicating successful price discovery, increased market efficiency, and reduced arbitrage opportunities.

“The stock of external reserves increased to US$36.89 billion as of July 16, 2024, compared with US$33.22 billion at end-December 2023, driven largely by receipts from crude oil related taxes and third-party receipts.

” In Q1 2024, we maintained a current account surplus and saw improvements in our trade balance.

“Our external reserves level as at end-June 2024 can finance over 11 months of import of goods and services, or 14 months of goods only. This is significantly higher than the prescribed international benchmark of 3.0 months, indicating a strong buffer against external shocks.

“The banking sector remains robust and diverse, comprising twenty-six commercial banks, six merchant banks, and four non-interest banks. Key indicators such as capital adequacy, liquidity, and non-performing loan ratios all showed impressive improvements, underscoring the sector’s growing stability and resilience.

See also  First Lady Express Sorrow Over Kaduna Massacre

“The equity market has shown impressive performance, with the All-Share Index rising by 33.81 per cent and market capitalization expanding by 38.33 per cent from December 2023 to June 2024, reflecting growing investors’ confidence.

“While we are encouraged by these positive trends, the CBN remains vigilant and committed to implementing policies that support sustainable growth in our financial markets, while maintaining overall economic stability”

He added by assuring the committee members , that required measures and strategies , have been mapped out to confront emerging challenges .

“To combat inflation, we have implemented a comprehensive set of monetary policy measures. These include raising the policy rate by 750 basis points to 26.25 percent, increasing Cash Reserve Ratios, normalizing Open Market Operations as our primary liquidity management tool, and adopting Inflation Targeting as our new monetary policy framework.

“In the area of banking supervision, the CBN has taken decisive actions to ensure the safety, soundness, and resilience of the banking industry.

” Key measures include intervention in three banks, revocation of Heritage Bank’s license, increasing minimum capital requirements, and enhancing AML/CFT supervision.

” We also introduced new frameworks for Cash Reserve Requirements and cybersecurity and prohibited the use of foreign currency collaterals for local currency loans.

See also  Tinubu Implements 60% Reduction in Government Officials' Travel Costs

“We are in the process of reviewing the Bank’s micro and macroprudential guidelines to reinforce the resilience of financial institutions in Nigeria to withstand tightened conditions, thus creating a secure and attractive investment climate.

“We have signaled our plans to re-capitalize deposit money banks in Nigeria to improve capital inadequacy and their capacity to grow the economy.

“Our ultimate goal is to create a more stable, resilient, and efficient financial system that can better serve the Nigerian economy, while adhering to international best practices”, he said .

Earlier in his opening remarks , the Chairman of the Committee, Senator Adetokunbo Abiru said the overall purpose of the interaction , ” is to update the commiittee on efforts, activities, objectives and plans of the Bank with respect to monetary policy”

Continue Reading

Business and Economy

Airlines, Banks, Media Outlets Hit as Global IT Outage Wreaks Havoc

Published

on

Spread the love

By Iyojo Ameh

A global tech outage, seemingly linked to issues at cybersecurity firm CrowdStrike and tech giant Microsoft, disrupted operations across multiple sectors on Friday, impacting airports, airlines, media outlets, and banks.

The outage caused significant disruptions in airport and airline IT systems, leading to grounded flights and widespread service interruptions.
Notably, Sydney airport has seen flights halted, United Airlines has ceased operations, and the London Stock Exchange Group’s platform has encountered disruptions.

In Germany, Berlin airport experienced IT problems, causing delays in check-ins due to technical faults.

Also, rail transportation has not been spared, as the UK’s Govia Thameslink Railway reported widespread IT issues across its network, leading to potential cancellations and delays.

The company is actively investigating the root cause and has urged passengers to check their journeys before traveling.

Australia’s Telstra Group also reported service disruptions.

Meanwhile, in a post on X, CrowdStrike CEO George Kurtz said the outage was not a “security incident or cyberattack.”

He said it was connected to a “defect found in a single content update for Windows hosts.” He said the issue has been “identified, isolated and a fix has been deployed.”

Also, Microsoft said in a statement on X that “the underlying cause has been fixed,” however, residual impacts continue to affect “some Microsoft 365 apps and services. We’re conducting additional mitigations to provide relief.”

See also  Kogi East NASS workers honour Senator Echocho

The affected services include PowerBI, Microsoft Teams, and OneDrive for Business, among others. The tech giant is working on mitigation efforts and has already restored some services.

However, this global IT outage highlights the interconnected nature of modern digital infrastructures and the widespread impact that technical disruptions can have across various industries.

Continue Reading

Trending

Copyright © 2021 Forthright Reporters } Powered by ObajeSoft Inc